Businesses are entering into a new era of finance modification or transformation and the most advanced organizations have already started to focus on strategies of how to be more responsive, move fast, be more transparent and include less manual effort. However, handling strategy is often pointless without re-arranging the core first.
Organizations can decrease resource overhead, enhance data quality, and cycle times through planning, automation and management of data integrity. Forward-thinking finance and accounting organizations are transitioning into more analytical functions by structuring their business plan on 3 pillars –
- Close process transformation
- Automation transformation
- Integrity & risk transformation
Implementing each finance transformation pillar with right process, technology, and personnel is crucial to decrease transaction handling in book-keeping.
Close process transformation
Close process is administered through instincts, collective knowledge and guts in comparison to a defined, orchestrated, and centralized workflow process. As there are many people involved and spreadsheets are consistently piling up, an approximately defined process is different from layout to subordinate. Team interactions remain trapped in email and conference calls, restraining the process visibility.
When you research top performing organizations, you will see that they perform differently. The main cause of their success is clarity. Everyone in the organization has clear perspective of what step needs to be taken, when it must be engaged and what it relies on. Roles and responsibilities are structured clearly. Management level reports offer visibility in the close calendar. Automatic notifications warn investors about pending tasks and management gets a hint of delayed tasks and blockages.
Manual tasks can drain the efficiency of accounting and finance department. Talented accountants are performing repetitive tasks rather than using their skills properly. Accounting businesses have essential manual overheads in the operational as well as general accounting areas. Successful organizations relocate costs towards strategy. They leverage automation at different levels in their accounting staff.
Integrity & risk transformation
Final pillar of finance modification is to create trust and persistently keep pace to reduce regulatory, reporting, and strategic risks. Strong automation helps organizations to attain better integrity in their control and balance-sheets.
Automation and task management enhance speed and efficiency, while data integration helps to prevent professional exposure from mistaken filing. Balances and transactions, which surpass control thresholds can be highlighted through automation.
Establish a strong foundation by investing in right technology to enjoy a good increase in overall productivity. Automation will help staff to become more productive and guide your business towards success through planning, analysis, and strategy.